Ivan
Bronze Contributor
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- Jul 22, 2011
- 128
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Have you considered flipping cars for profit? You can get cars for under market value at repo auctions, on Craigslist, in classifieds, etc. Drive it for a year, sell for a profit. The profit offsets maintenance costs and insurance payments. I have a friend who got a repossessed Mini for $8k, drove it for 2 years, and is probably going to sell it for around $10k. I do the same thing, but with cheaper cars. I recently got a car for $550, drove it for a few months, and sold it for $900. The profit paid for the maintenance, registration and insurance. I think I even made $30 on top of that
That way, the car becomes more of a profit-yielding investment and less of a money sink. You can usually make a pretty good spread on cars over $10k.
Also, you might want to shop around for a good independent mechanic to do your maintenance. Dealerships charge way too much.
That way, the car becomes more of a profit-yielding investment and less of a money sink. You can usually make a pretty good spread on cars over $10k.
Also, you might want to shop around for a good independent mechanic to do your maintenance. Dealerships charge way too much.
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